Memphis, Tenn., March 26, 2025. The City of Memphis is proud to announce the generous donation of the Somerset Apartments property from CapStack Partners, a 30-acre site located at 3427 Winchester Road in the heart of the Oakhaven neighborhood. This transformative gift directly supports Mayor Paul Young’s Blight Zero initiative and marks a significant milestone in the City’s commitment to eliminating blight and revitalizing communities.
Initially constructed in 1972, the Somerset Apartments have remained vacant and uninhabitable for over a decade. With this donation, the City can move forward with plans to redevelop the site into much-needed affordable housing, particularly in Oakhaven – a neighborhood of deep personal significance to Mayor Young.
“We are immensely grateful to CapStack Partners for their generous donation of the Somerset Apartments,” said Mayor Paul Young. “This contribution will play a central role in our Blight Zero initiative, enabling us to revitalize part of the Oakhaven community and create a safer, cleaner, and more welcoming place for residents. Together, we are turning our vision for a brighter Memphis into reality.”
The Blight Zero initiative – launched by Mayor Young – focuses on eliminating vacant and abandoned properties through demolition, cleanup efforts, and the strategic redevelopment of neglected sites. CapStack Partners’ donation of the Somerset property represents a critical step toward addressing city-wide blight while prioritizing investment in a historically underserved community.
“We are honored to partner with the City of Memphis to make a meaningful impact in Oakhaven,” said David Blatt, CEO of CapStack Partners. “Supporting the Blight Zero initiative is aligned with our mission to help communities thrive, and we believe this donation will bring long-term value and renewed hope to the residents of this neighborhood.”
Mayor Young’s administration continues to drive forward with a bold agenda emphasizing innovation, public safety, blight elimination, and economic development. This partnership reflects the power of collaboration between the public and private sectors to create lasting change for Memphis neighborhoods.
About CapStack Partners
CapStack Partners is a Miami-based wealth and asset management firm specializing in real estate credit investments. With a proven track record in distressed real estate solutions,CapStack Partners brings deep expertise in acquiring, repositioning, and maximizing thepotential of underutilized properties across the country.
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